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Indices post a comeback
Mon, 13 Oct Closing

After languishing in the red for the most part of the day, the Indian equity markets made a comeback in the final hours of trade. While the BSE-Sensex today closed higher by 87 points, the NSE-Nifty closed higher by 24 points. Midcaps and Smallcaps too saw a similar trend today. While the BSE Mid Cap index closed the day higher by 0.5%, the BSE Small Cap index closed the day higher by 0.3%. Sectoral indices closed the day on a mixed note, with metal and banking stocks being the top gainers today.

As regards global markets, Asian indices closed on a mixed note today. The rupee was trading at Rs 61.25 to the dollar at the time of writing.

Energy stocks have closed the day on a mixed note with the gainers being led by the stocks of Essar Oil and Cairn India. As per a leading business daily, government refiner HPCL has temporarily shut down its Vishakhapatnam refinery. This is as a precautionary measure due to cyclone 'Hudhud'. The refinery was shut yesterday, and has a capacity of 8.3 m tonnes a year or 166,000 barrels per day (bpd). The company has indicated that there is no damage yet at the refinery since the cyclone has made land fall, and is confident of returning to normalcy with the passage of the cyclone.

Paint stocks have ended the day on a weak note with the stocks of Asahi Songwon and Berger Paints leading the list of losers. As per a leading business daily, Berger Paints is planning to set up a training academy for painters in Kochi to upgrade their skill. The facility is poised to be a full fledged training academy in Kochi for painters with about 3,200 sq ft of space being rented at Chembumukku for the academy. The facility is expected to start functioning from the first week of November. Painting booths and equipments will be made available for painters. Painters will also be trained on the use of paints and equipments, many of which will be imported. The company expects to make its painting process safer and better through this initiative.

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